Bayo Adekanmbi, Chief Transformation Officer, MTN Nigeria, revealed these seven tips at the Lagos Startup Week on Monday, September 24, 2018.
Bayo Adekanmbi, Chief Transformation Officer, MTN Nigeria, on Monday, revealed seven key tips every startup must possess to move from zero to millions.
Adekanmbi, who was a keynote speaker at the Lagos Startup Week 2018, dropped the insights to entrepreneurs and startups who attended the opening ceremony at the Landmark centre, Oniru, Victoria Island, Lagos.
He spoke on his perspective about Nigerian entrepreneurs and how an individual can scale through difficulties and have an emerging product in the society.
These are the 7 key tips for every startup to move from zero to millions, according to Adekanmbi.
1. Don't become extremely over possessed with an idea – negatively
Your idea must be realistic and solution driven. You should be thinking about users, recipient of your end- product. You must be able to accept ideas and your ideas must be flexible.
You must also be open to criticism. It makes you grow.
Businesses fail because products are not meeting needs that drives consumers' investment.
2. Right motivation – what is your motivation?
Every startup and entrepreneur must have the right kind of motivation to succeed.
3. You must be realistic – Dream big but start small
Adekanmbi said every startup and entrepreneur must have an achievable dream and should start small so as to achieve the dream.
He gave instances of starting from home to co-working locations.
4. Don't give up
Adekanmbi said one of the qualities of an entrepreneur is to work hard in the face of difficulties. He said if an idea is not working out as planned, an entrepreneur can amend and re-adjust it to fit into current realities.
“Every startup must strive to meet up with global realities.”
5. Offer quality products and services
The Data scientist said the quality of products will speak for an entrepreneur in any area. He advised startups to ensure that the quality of their products solves societal challenges.
“For your product to be scalable in the market, it must have solutions to some pertinent problems.”
6. Don't be scared of failure
He advised startups not be scared of failures. He said it is part of the learning process and will make them grow.
The MTN Nigeria chief said entrepreneur should do away with flashy things. He cited an instance of a startup that got investors' fund and decided to buy a car first instead of investing in product and services.
He advised startups to learn from colleagues and other networks to be able to understand the terrain and their markets.
7. Take risks
The last point he mentioned was on how startups should manage risk. Adekanmbi said startups should not be afraid of taking risks and it helps them to understand their market and how to solve a certain issue.
lso from Business Insider Sub-Sahara Africa: